Shell Pakistan posts loss of Rs4.64 billion in third quarter

KARACHI: The Shell Pakistan Limited (SPL) posted a loss-after-tax of Rs4.644 billion during the third quarter of FY22, translating into the cumulative profit-after-tax of Rs2.863 billion for the nine months, compared with the last year’s profit-after-tax of Rs297 million and Rs2.447 billion for the quarter and nine months, respectively, a statement said on Wednesday.

The board of directors of Shell Pakistan announced the company’s results.

The oil sector felt the impact of macroeconomic challenges such as unprecedented rupee depreciation, continued volatility in the international oil prices, as well as the impact of devastating floods, which resulted in a reduction in the industry volumes.

The company was able to maintain its market share and remained focused on its strategic priorities, operational excellence and fiscal prudence.

During the period, the mobility business, with a strong supply and distribution network, delivered products in a safe and compliant manner at a time when most of the supply routes were severely challenged. The company is also on track with its network expansion.

The lubricants business was successful in increasing the market share in the consumer channel, through consumer and influencer interventions and the B2B channel has demonstrated agility to win new businesses.

Further, a solar-powered milk refrigeration plant has been built in Basti Katimar, South Punjab, in collaboration with the National Rural Support Programme (NRSP), giving 240 dairy farmers access to a milk refrigeration unit.
This programme assists the dairy farmers increase the milk’s shelf life and increase their own profitability.

Shell Tameer Awards 2022, a nationwide competition was launched to reward and recognise the young Pakistani innovators who are working towards fuelling their entrepreneurial passion in the areas of clean energy solutions, technology innovations, empowering women, circular economy, transportation and mobility and bright ideas.

The winning entrepreneurs will get a chance to win seed capital, business mentoring, high value networking and local, as well as global recognition, through Shell.

The campus drives and partner engagements were conducted to create awareness around the programme and 253 innovative startups and prototype stage ideas were received from across Pakistan.

The Shell Pakistan remains focused and committed in ensuring that its financial position remains robust and a goal-zero approach to safety performance is maintained.

It is also thankful to the government for timely settlement of the recent price differential claims and looks forward to a positive settlement of the remaining legacy receivables.

Going forward, the company will actively work to minimise the impact of the current challenges and endeavour to capture opportunities to ensure that it plays a key role in developing Pakistan’s energy future.

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